Ex-insurance chief Pavlos Psomiadis on trial

Pavlos Psomiadis, president of the defunct Aspis Pronia life insurance firm, went on trial on fraud and money-laundering charges yesterday following his arrest late last year.

He and his assistant Andreas Loizos face charges of providing the company?s creditors with a false 550-million-euro letter of guarantee from a British bank to keep the business afloat.

The case came to light after 65 investors sued the firm.